Motorcycles - Bulgaria

Bulgaria

The Motorcycles market in Bulgaria is projected to reach revenue of US$1.65m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 1.77%, resulting in a projected market volume of US$1.77m by 2028.
The largest segment in the market is On-road Motorcycles, which is projected to have a market volume of US$1.18m in 2024.
The unit sales of Motorcycles market in Bulgaria are expected to reach 177.00motorcyles by 2028.
The volume weighted average price of Motorcycles market in Bulgaria in 2024 is expected to be US$9.90k.
Honda Motorcycles is expected to have the highest market share in the selected region with a motorcycle unit sales share of 0.0% in 2024.
The value market share of Honda Motorcycles in the selected region is expected to be 0.0% in 2024.
From an international perspective, it is shown that in India will generate the most revenue with US$31,140.00m in 2024.
The demand for electric motorcycles in Bulgaria is steadily increasing, driven by the country's commitment to sustainable transportation solutions.

Key regions: Thailand, Italy, Indonesia, Spain, Germany

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Analyst Opinion

The Motorcycles market in Bulgaria has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Bulgaria, motorcycles are increasingly becoming a popular mode of transportation for both urban and rural areas. The younger generation, in particular, is showing a growing interest in motorcycles due to their affordability, fuel efficiency, and convenience for navigating through traffic. Additionally, motorcycles are also seen as a lifestyle choice, with riders valuing the sense of freedom and adventure that comes with owning a motorcycle.

Trends in the market: One of the key trends in the Bulgarian motorcycle market is the rising demand for electric motorcycles. As environmental concerns and the need for sustainable transportation options continue to grow, more consumers are opting for electric motorcycles as a greener alternative to traditional gasoline-powered bikes. This trend is in line with the global shift towards electric vehicles and is expected to drive further growth in the Bulgarian motorcycle market. Another notable trend is the increasing popularity of off-road motorcycles. Bulgaria's diverse terrain, including mountains and rural areas, provides ample opportunities for off-road riding. As a result, there is a growing demand for motorcycles designed specifically for off-road use, such as motocross and enduro bikes. This trend is driven by both recreational riders and professional riders participating in off-road competitions.

Local special circumstances: Bulgaria's relatively low average income compared to other European countries has led to a higher demand for affordable motorcycles. Many consumers are looking for cost-effective transportation solutions, and motorcycles offer a more affordable alternative to cars. Additionally, the country's compact size and well-maintained road infrastructure make motorcycles a practical choice for commuting and navigating through congested urban areas.

Underlying macroeconomic factors: The overall economic growth in Bulgaria has had a positive impact on the motorcycle market. As the country's economy continues to develop, more individuals have disposable income to spend on recreational activities, including purchasing motorcycles. Additionally, the increasing number of tourists visiting Bulgaria has also contributed to the growth of the motorcycle market, as tourists often rent motorcycles to explore the country's scenic landscapes. In conclusion, the Motorcycles market in Bulgaria is experiencing steady growth due to customer preferences for affordable and convenient transportation options, as well as the rising demand for electric and off-road motorcycles. The local special circumstances, such as the country's relatively low average income and well-maintained road infrastructure, further contribute to the market's development. Overall, the underlying macroeconomic factors, including economic growth and the influx of tourists, are driving the expansion of the motorcycle market in Bulgaria.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on motorcycle sales and revenue excluding scooters/mopeds under 50cc category.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use manufacturer websites, national statistics offices, motorcycle associations, motorcycles sales websites. Next we use relevant key market indicators and data from country-specific associations such as GDP per capita, consumer price index, consumer spending, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the forecasting is done on a make level for Motorcycles, using a mix of standard approaches, e.g., exponential smoothing, and uses parameters which best fit the historical data. The main drivers are GDP per capita, consumer price index, consumer spending, and population.

Additional Notes:

The market is updated once a year.